LLC with rental out of state questions
Hi BP community. I am a newer member and this is my first post. I have a couple questions and hope someone can point me in the right direction. I have one property in NC that I finished renting to my first tenant and in the process of getting it ready to rent out again. I would like to have the property under a LLC to protect my personal assets. My primary residence is in PA.
Which state should I register the LLC with? Is there any differences?
If my wife and i are on the LLC, does this mean we have to do two tax returns? What is the tax implications and process?
Thanks in advanced!